Trade Facilitaion Agreement (TFA)
The Trade Facilitation Agreement (TFA) is an agreement under the World Trade Organization (WTO) that aims to simplify, modernise, and harmonise customs procedures across participating countries.
The TFA focuses on measures such as improving transparency, reducing paperwork, speeding up the release of goods, and enhancing cooperation between customs authorities. It encourages the use of electronic systems, risk management, and pre-arrival processing to make cross-border trade more efficient.
The agreement is designed to reduce delays and costs in international trade, particularly benefiting developing countries, while maintaining effective customs controls and compliance.